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Turkish President Erdogan expects inflation to decline as the government cuts interest rates.
The Turkish President gave TRT an exclusive, far-reaching interview. (Reuters)
The Turkish economy is expected to grow by over 10 percent by the end of 2021.
“Our (year-end growth) expectation is at least 10, but it can exceed it,” Turkish President Recep Tayyip Erdogan told TRT in an exclusive and far-reaching interview on Tuesday evening.
He said the government’s focus on increasing investment, employment, production and exports and lowering interest rates would fuel economic growth.
He said, “Interest is the cause, inflation is the result. We’ll lower the interest rate and we’ll see inflation go down.”
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Turkey has the second fastest economic growth among the OECD countries
Erdogan reiterated his stance not to dampen growth with high interest rates.
“Our goal is to pave the way for 50,000 new jobs by letting 11,000 of our companies benefit from che – loans totaling 10 billion Turkish lira in a short period of time,” he added.
Erdogan said it is time for long-term investment for foreign investors and those who make long-term investments in Turkey have always won.
“We have prepared two important support packages. We will give our companies with fewer than 50 employees access to loans of up to 100,000 lira for new jobs.”
This is a development story and will be updated
Source: TRT World
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